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Media Statement by Dr. Ong Kian Ming, Deputy Minister of International Trade and Industry (MITI) on the 6th of January 2019

There
seems to have been an increase in the number of opinion pieces and articles
prognosticating a gloomy future for the Malaysian economy in 2019. While there
are certainly economic challenges ahead driven by internal and external factors,
the perception that the Malaysian economy will somehow crash and burn in 2019
is most certainly a false one. A closer examination of the underlying figures
will demonstrate why this is the case.

Firstly, let’s look at the Nikkei Malaysia
Manufacturing Purchasing Manager’s Index (PMI) which dropped to a low of 46.8
in December 2018.[1] The
PMI data is an important leading indicator of economic activity in the
manufacturing sector. A figure above 50 shows that managers are increasing
their orders and economic output whereas a figure below 50 shows that managers
are depleting their existing stocks and not expecting to increase their future
economic activity.

As 2018 draws to a close, I thought it would be a useful exercise to list down ten reminders for myself based on my 5 months as the Deputy Minister for International Trade and Industry (MITI). These reminders also double up as my resolutions for 2019 in so far as my Ministry duties are concerned.

1) DO NOT forget the GE14 Pakatan Harapan (PH) Manifesto

The GE14 PH Manifesto is, currently, the only guiding document and reference point for the PH government in terms of governing philosophy and objectives. While the Prime Minister and his cabinet have and will come up with new policy decisions based on current political and economic circumstances, we cannot and should not depart from the core principles of the PH Manifesto which includes a commitment to greater transparency, institutional reform, a more competitive economy and looking after the needs of the marginalized.